Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations.
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A characteristic common to most imperfectly competitive markets is

A) a homogeneous product. B) unexploited economies of scale. C) non-price competition among firms. D) inelastic market demand curves. E) common pricing among firms.

Following three years of negative growth, restaurant sales in the United States were expected to increase 3.6 percent in 2011. If the increase in restaurant sales increases aggregate expenditure,

What will be an ideal response?